Annual report pursuant to Section 13 and 15(d)

BENEFIT PLANS (Tables)

v3.20.4
BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Schedule of weighted-average assumptions used
The following table shows the weighted-average assumptions used to determine the benefit obligation at December 31, 2020 and 2019, and the net periodic benefit cost for the years then ended:
Pension Benefits
2020 2019
Weighted-average assumptions used to determine benefit obligations
Discount rate
2.50  % 3.40  %
Weighted-average assumptions used to determine net periodic benefit cost
Discount rate
3.40  4.41 
Expected return on plan assets
5.00  5.25 
Schedule of changes in projected benefit obligation
The following table reconciles the beginning and ending balances of the benefit obligation of the Plan with the amounts recognized in the consolidated balance sheets at December 31:
Pension Benefits
(dollar amounts in millions) 2020 2019
Projected benefit obligation at beginning of measurement year $ 923  $ 821 
Changes due to:
Service cost
Interest cost 26  32 
Benefits paid (29) (29)
Settlements (19) (14)
Actuarial assumptions and gains (losses) 122  111 
Total changes 103  102 
Projected benefit obligation at end of measurement year $ 1,026  $ 923 
Schedule of changes in fair value of plan assets
The following table reconciles the beginning and ending balances of the fair value of plan assets at the December 31, 2020 and 2019 measurement dates:
Pension Benefits
(dollar amounts in millions) 2020 2019
Fair value of plan assets at beginning of measurement year $ 931  $ 828 
Changes due to:
Actual return on plan assets 164  145 
Settlements (16) (13)
Benefits paid (29) (29)
Total changes 119  103 
Fair value of plan assets at end of measurement year $ 1,050  $ 931 
Schedule of net periodic benefit costs
The following table shows the components of net periodic benefit costs recognized in the three years ended December 31, 2020, 2019 and 2018:
Pension Benefits (1)
(dollar amounts in millions) 2020 2019 2018
Service cost $ $ $
Interest cost 26  32  29 
Expected return on plan assets (42) (44) (49)
Amortization of loss
Settlements
Benefit costs $ $ $ (1)
(1)    The pension costs are recognized in noninterest income - other income in the Consolidated Statements of Income.
Schedule of allocation of plan assets
At December 31, 2020 and 2019, The Huntington National Bank, as trustee, held all plan assets. The plan assets consisted of investments in a variety of cash equivalent, corporate and government fixed income, and equity investments as follows:
Fair Value
(dollar amounts in millions) 2020 2019
Cash equivalents:
Mutual funds-money market $ 20  % $ %
Fixed income:
Corporate obligations 522  50  460  49 
U.S. Government obligations 208  20  199  21 
Municipal obligations — 
Collective trust funds 118  11  105  11 
Equities:
Common stock 48  53 
Preferred stock — 
Limited liability companies 39  43 
Collective trust funds 33  35 
Limited partnerships 51  19 
Fair value of plan assets $ 1,050  100  % $ 931  100  %
Schedule of expected benefit payments
At December 31, 2020, the following table shows when benefit payments were expected to be paid:
(dollar amounts in millions) Pension Benefits
2021 $ 58 
2022 55 
2023 53 
2024 51 
2025 50 
2026 through 2030 243 
Schedule of amounts recognized in balance sheet
The following table presents the amounts recognized in the Consolidated Balance Sheets at December 31, 2020 and 2019, for all defined benefit and nonqualified retirement plans:
(dollar amounts in millions) 2020 2019
Other liabilities $ 48  $ 67 
Schedule of amounts recognized in OCI
The following tables present the amounts recognized in OCI as of December 31, 2020, 2019, and 2018, and the changes in accumulated OCI for the years ended December 31, 2020, 2019, and 2018: 
(dollar amounts in millions) 2020 2019 2018
Net actuarial loss $ (253) $ (261) $ (257)
Prior service cost —  10  11 
Defined benefit pension plans $ (253) $ (251) $ (246)
2020
(dollar amounts in millions) Pretax Tax (expense) Benefit After-tax
Net actuarial (loss) gain:
Amounts arising during the year $ (7) $ $ (5)
Amortization included in net periodic benefit costs 17  (4) 13 
Prior service cost:
Amounts arising during the year (11) (8)
Amortization included in net periodic benefit costs (2) —  (2)
Total recognized in OCI $ (3) $ $ (2)
2019
(dollar amounts in millions) Pretax Tax (expense) Benefit After-tax
Net actuarial (loss) gain:
Amounts arising during the year $ (17) $ $ (12)
Amortization included in net periodic benefit costs 12  (3)
Prior service cost:
Amortization included in net periodic benefit costs (2) —  (2)
Total recognized in OCI $ (7) $ $ (5)
2018
(dollar amounts in millions) Pretax Tax (expense) Benefit After-tax
Net actuarial (loss) gain:
Amounts arising during the year $ (5) $ $ (3)
Amortization included in net periodic benefit costs 13  (3) 10 
Prior service cost:
Amortization included in net periodic benefit costs (4) (3)
Total recognized in OCI $ $ —  $
Schedule of Huntington stock statistics for defined contribution plan
The following table shows the number of shares, market value, and dividends received on shares of Huntington stock held by the defined contribution plan:
December 31,
(dollar amounts in millions, share amounts in thousands) 2020 2019
Shares in Huntington common stock
10,121  10,334 
Market value of Huntington common stock
$ 128  $ 156 
Dividends received on shares of Huntington stock